8.3 million new Millennial (Gen Y) households will form in the next five years

$1.6 trillion will be spent on home purchases by Millennials and $600 billion on rent over the next five years

Millennials optimistic about their finances and homeownership

Of those surveyed:

74% expect to move within the next five years

79% expect their financial situation to improve

75% believe homeownership is an important long-term goal

73% believe homeownership is an excellent investment

24% already own their home and

An additional 60% plan to buy a home in the future

44% do think it would be difficult to qualify for a mortgage

What about the next generation (today’s teenagers)?

A recent survey by Better Homes and Gardens® revealed that Generation Z (teens ages 13-17) is very traditional in their views toward homeownership and is willing to sacrifice to attain the American Dream.

Findings from the survey show:

82% of Gen Z teens indicate that homeownership is the most important factor in achieving the American Dream.

89% said owning a home is part of their interpretation of the American Dream

97% believe they will own a home

77% percent chose owning a home over owning a business

Bottom Line

It seems that the belief that homeownership as a huge part of the American Dream still beats in the hearts of the young people of this country.